ACME Solar Holdings has secured long-term project financing of ₹2,646.64 crore from state-owned REC Limited for the development of its 450 MW renewable energy project integrated with a 1,800 MWh battery energy storage system. The funding will support the construction of the company’s assured peak power project, marking another significant milestone in India’s transition towards round-the-clock clean energy.

The project combines solar power generation with large-scale battery storage, enabling electricity to be supplied even during peak demand hours. Unlike conventional solar plants that generate power only during daylight, the integrated storage system will ensure a more stable and reliable supply of renewable energy to the grid.

REC will serve as the sole lender for the project, providing financing over a 20-year tenure. The electricity generated from the project will be supplied to SJVN under a 25-year Power Purchase Agreement (PPA) at a tariff of ₹6.74 per unit, providing long-term revenue visibility for the company.

ACME Solar said the funding reflects growing confidence among financial institutions in firm and dispatchable renewable energy projects, which combine renewable generation with energy storage to improve grid reliability. Such projects are expected to play a key role as India increases the share of renewable energy in its electricity mix.

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Industry experts believe the project will strengthen India’s clean energy infrastructure by demonstrating how battery storage can help deliver dependable renewable power while reducing reliance on conventional fossil fuel-based generation during periods of high electricity demand. As investments in storage-backed renewable projects continue to grow, similar hybrid models are expected to become increasingly important in supporting the country’s energy transition.

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